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Auto Insurance

Established Contributor

Auto Insurance

I am just curious to see how many people prefer a $0 deductible for auto insurance (Higher cost overall) or a $500 deductible?


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

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Message 1 of 7
6 REPLIES
Contributor

Re: Auto Insurance

I personally have $0 comp and $500 collision. My thinking is that I would hate to pay for something that I have no control over (comp damage), and if I'm ever the cause of an accident, I'll just have to bit the bullet. That's what savings is for. 



Scores as of 7/28/13: EX.683   TU.688   EQ.???
Message 2 of 7
Super Contributor

Re: Auto Insurance

I go with $1,000.

 

If it weren't leased, I wouldn't even bother and just have liability.

Message 3 of 7
New Contributor

Re: Auto Insurance

I work in insurance, I know I know....it's terrible. I have 500 for comp and collision and hope I never need to pay it. If you want to save have liability limits of 100/300 for 6 months and rates are much better after that. Even if you have the minimum and increase to 25/50 liability it will help make you seem less risky to carriers. Hope this info helps someone.

Starting Score:550
Current Score: 683 EQ 680 TU
GoalScore 720
Message 4 of 7
Moderator Emerita

Re: Auto Insurance

I have $500 ded and $100/$300 k. Even though its not a lease, I figured the price difference wasn't that much to go down to $25/50. On my daughters car ( when I carried her on our policy) I actually lowered the ded to $250. She was a magnet for mishaps. Smiley Sad
Message 5 of 7
Super Contributor

Re: Auto Insurance


mlanca83 wrote:
If you want to save have liability limits of 100/300 for 6 months and rates are much better after that. Even if you have the minimum and increase to 25/50 liability it will help make you seem less risky to carriers. Hope this info helps someone.

Never knew that!  So, have 100/300 for 6 months, and then lower it to the 25/50 for maximum price efficiency?

Message 6 of 7
New Contributor

Re: Auto Insurance

No, sorry I didn't word that better. Anything higher than the minimum bodily injury limits required gets you a better rate after six months. I have 100/300 and honestly it's almost the same price as lower coverage because you get a better rating tier with higher coverage. Bottom line don't carry the minimum, you will end up paying more.

Starting Score:550
Current Score: 683 EQ 680 TU
GoalScore 720
Message 7 of 7